To amend the Insurance Trade and Economic Development Amendment Act of 2000 to increase the amount of valuable consideration a person may offer as a rebate for a policy or contract of life insurance, annuity, or accident and health insurance.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Rebate Reform Amendment Act of 2018".
Sec. 2. The Insurance Trade and Economic Development Amendment Act of 2000, effective April 3, 2001 (D.C. Law 13-265; D.C. Official Code § 31-2231.01 et seq.), is amended as follows:
Amend § 31-2231.12
(a) Section 112(f) (D.C. Official Code § 31-2231.12(f)) is amended by striking the phrase "$10" and inserting the phrase "$75" in its place.
Amend § 31-2231.13
(b) Section 113(h)(1) (D.C. Official Code § 31-2231.13(h)(1)) is amended by striking the phrase "$10" and inserting the phrase "$75" in its place.
Sec. 3. Fiscal impact statement.
The Council adopts the fiscal impact statement in the committee report as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
Sec. 4. Effective date.
This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia Register.